Saturday, October 19, 2013 12:19:07 AM
Updated YIPI Chart Analysis:
So we did indeed spike to the 70s. It went higher than I though, but only by a few cents. All this tells me is that the chart criteria is fairly sound. After bouncing down off the 161.8% Fibonacci extension level, we came back down to the 50.0% Fibonacci fan line. It is possible we could bounce off the 61.8% fan line before restarting the next leg up, but the under $0.50 levels are history, imo. We not only have an important fib fan level above that now, but we have the 78.6% extension level supporting it as well; this is not to mention the fact the 20 day exponential moving average is likely to cross this support level Monday or Tuesday. The beauty of that subtle crossover means, to me, that the next leg up is primed to find support in the low 70s. That is when we can start looking at the push to 1.04. As YIPI has proved in the past, including today, when this spike happens, it's likely to push past that level a bit. Perhaps 1.10 will be top of that spike.
Granted we have some catalysts that could potentially throw the chart out the window and just completely run this up. But, as far as support and resistance levels vs. timing of organic growth, we're solidly on track. The action today makes perfect sense from a technical level. If we see .50 Monday, I would be absolutely astounded it if it now the low of the day; and then history.
YIPI is a no-brainer from a catalyst and chartist standpoint.
Have a good weekend, guys.
So we did indeed spike to the 70s. It went higher than I though, but only by a few cents. All this tells me is that the chart criteria is fairly sound. After bouncing down off the 161.8% Fibonacci extension level, we came back down to the 50.0% Fibonacci fan line. It is possible we could bounce off the 61.8% fan line before restarting the next leg up, but the under $0.50 levels are history, imo. We not only have an important fib fan level above that now, but we have the 78.6% extension level supporting it as well; this is not to mention the fact the 20 day exponential moving average is likely to cross this support level Monday or Tuesday. The beauty of that subtle crossover means, to me, that the next leg up is primed to find support in the low 70s. That is when we can start looking at the push to 1.04. As YIPI has proved in the past, including today, when this spike happens, it's likely to push past that level a bit. Perhaps 1.10 will be top of that spike.
Granted we have some catalysts that could potentially throw the chart out the window and just completely run this up. But, as far as support and resistance levels vs. timing of organic growth, we're solidly on track. The action today makes perfect sense from a technical level. If we see .50 Monday, I would be absolutely astounded it if it now the low of the day; and then history.
YIPI is a no-brainer from a catalyst and chartist standpoint.
Have a good weekend, guys.
I can only provide my own speculation and theories. I am not qualified to offer any
investment advice. Everything I post is my own opinion. DO YOUR OWN DD!!!!!!!
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